However, commenting on the latest results, CEO Ivan Glasenberg remained upbeat, but warned of ongoing business volatility.

“The strength of our diversified business model and commodity mix is once again demonstrated with a 13% increase in net income and a 23% increase in Adjusted EBITDA to US$8.3B,” said Glasenberg.

“Against a volatile but favourable trading and commodity price environment, marketing performed towards the upper end of its guidance range with a 12% increase in Adjusted EBIT to US$1.5B.

“Our Industrial business recorded Adjusted EBITDA of US$6.7B, up 26%, reflecting the highly competitive cost positions of our asset base.

“Cash generation remains strong, with FFO up 8% to US$5.6B and our balance sheet healthy, with net debt of US$9B. In addition to the US$2.85B of shareholder distributions announced earlier this year, we recently announced a US$1B buy-back programme.

“While broader market conditions are likely to remain volatile, confidence in our business prospects and current share trading levels point to near-term focus on deleveraging and shareholder returns/buybacks funded through cash generation. We remain focused on creating value for shareholders through the disciplined allocation of long-term capital.”